Today buying a home is considered a huge achievement because a lot of processes are involved in the entire planning and actually building the entire house. It is very hard to own a home and make it yours. Plus a lot of paperwork is also involved which makes it an even more tedious process.
Getting an affordable house is extremely rare and tough and getting a home buyer loan is one of the most popular choices that is made by the people today.
There are many options that you will find for first time home buyer loan programs in the market. But choosing the appropriate and accurate one for yourself is a very difficult task. But this article may be of huge help if you are looking for first time home buyer loans. These are the best picks in the market right now.
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2. FHA loan
This is one of the most popular loan programs available, specially for first time home buyers. If you have a not-so-great credit score, you do not have to worry if you want to get a loan from here. You can qualify for loans with as minimum as 3.5% down. However they do hamembers, additional cost built-in and mortgage insurance premiums but those are just to protect the lenders.
This loan is provided by the US department of agriculture and not everyone knows about their home buyers assistance program. This loan program is specifically designed for rural areas. There are some limitations related to income, but they vary according to different regions.
4. VA loan
This loan is provided by the US department of veterans affairs and is best suited for active Duty military members, veterans and their spouses. The biggest advantage of this loan program is that the interest rates are comparatively lower than many other loan programs and no down payment is required. A small funding fee needs to be paid but it will be adjusted with your loan costs. There is no minimum credit score for any requirements related to private mortgage insurance.
5. Fannie Mae or Freddie Mac.
If you have a strong credit but you are willing to pay a minimum down payment, then this will be the best option for you. Both the loan programs require a minimum of 3% down payment. Also if you want to go for this loan program, you need a minimum credit score of 620 along with a clean and sorted financial history.
So these are the best pics for first time home buyer loans. Hopefully they will be of help.